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Midas Edge

INTERNATIONAL PAPER CO /NEW/

For the period ended Mar 31, 2026. Filed May 5, 2026.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 5, 2026

IP$35.13-1.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Item 1. Financial Statements

Condensed Consolidated Statement of Operations

(In millions, except per share amounts)

Three Months EndedMarch 31,
20262025
Net Sales$5,971$5,264
Costs and Expenses
Cost of products sold4,2443,805
Selling and administrative expenses510487
Depreciation and amortization489520
Distribution expenses513417
Taxes other than payroll and income taxes4187
Restructuring charges, net2383
Net (gains) losses on sales and impairments of assets—(67)
Interest expense, net7684
Non-operating pension expense (income)(18)3
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings (Loss)93(155)
Income tax provision (benefit)17(32)
Equity earnings (loss), net of taxes—(1)
Earnings (Loss) From Continuing Operations$76$(124)
Discontinued operations, net of taxes(16)19
Net Earnings (Loss)$60$(105)
Basic Earnings (Loss) Per Share
Earnings (loss) from continuing operations$0.14$(0.28)
Discontinued operations(0.03)0.04
Net earnings (loss)$0.11$(0.24)
Diluted Earnings (Loss) Per Share
Earnings (loss) from continuing operations$0.14$(0.28)
Discontinued operations(0.03)0.04
Net earnings (loss)$0.11$(0.24)
Average Shares of Common Stock Outstanding – assuming dilution531.8437.6

Condensed Consolidated Statement of Comprehensive Income (Loss)

Three Months EndedMarch 31,
20262025
Net Earnings (Loss)$60$(105)
Other Comprehensive Income (Loss), Net of Tax:
Amortization of pension and post-retirement prior service costs and net loss:
U.S. plans1216
Pension and postretirement adjustments:
U.S. plans168
Non-U.S. plans1—
Change in cumulative foreign currency translation adjustment(5)410
Net gains/(losses) on cash flow hedging derivatives:
Net gains/(losses) on cash flow hedging derivatives137(52)
Reclassification adjustment for (gains) losses included in net earnings (losses)1(1)
Total Other Comprehensive Income (Loss), Net of Tax162381
Comprehensive Income (Loss)$222$276

Condensed Consolidated Balance Sheet

March 31,2026December 31,2025
(unaudited)
Assets
Current Assets
Cash and temporary investments$1,236$1,145
Restricted cash63—
Accounts and notes receivable, net4,0223,791
Contract assets670635
Assets held for sale851,800
Inventories1,9022,012
Other current assets602723
Total Current Assets8,58010,106
Plants, Properties and Equipment, net14,25214,443
Goodwill5,2975,326
Intangibles, net4,0604,043
Long-Term Financial Assets of Variable Interest Entities (Note 15)2,3542,349
Right of Use Assets652697
Overfunded Pension Plan Assets507486
Deferred Charges and Other Assets732514
Total Assets$36,434$37,964
Liabilities and Equity
Current Liabilities
Notes payable and current maturities of long-term debt$918$992
Accounts payable3,8333,902
Accrued payroll and benefits693834
Liabilities held for sale6502
Other current liabilities1,6231,669
Total Current Liabilities7,0737,899
Long-Term Debt8,1758,839
Deferred Income Taxes1,9631,898
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15)2,1292,127
Long-Term Lease Obligations450486
Underfunded Pension Benefit Obligation297316
Postretirement and Postemployment Benefit Obligation131133
Other Liabilities1,4081,439
Equity
Common stock, $1 par value, 2026 – 627.0 shares and 2025 – 627.0 shares627627
Paid-in capital14,35214,414
Retained earnings4,6994,885
Accumulated other comprehensive income (loss)(366)(528)
19,31219,398
Less: Common stock held in treasury, at cost, 2026 – 97.6 shares and 2025 – 99.0 shares4,5044,571
Total Equity14,80814,827
Total Liabilities and Equity$36,434$37,964

Condensed Consolidated Statement of Cash Flows

Three Months EndedMarch 31,
20262025
Operating Activities
Net earnings (loss)$60$(105)
Depreciation and amortization489571
Deferred income tax provision (benefit), net7(74)
Restructuring charges, net2383
Net (gains) losses on sales and impairments of businesses3—
Net (gains) losses on sales and impairments of assets—(67)
Periodic pension (income) expense, net1313
Other, net52(87)
Changes in operating assets and liabilities
Accounts and notes receivable(158)(178)
Contract assets(39)(47)
Inventories5822
Accounts payable15897
Other current liabilities(272)(444)
Other current assets217(72)
Cash Provided By (Used For) Operations611(288)
Investment Activities
Capital expenditures(517)(330)
Acquisitions, net of cash acquired—415
Proceeds from divestitures, net of cash divested1,059—
Proceeds from sale of fixed assets2183
Proceeds from insurance recoveries828
Other(6)41
Cash Provided By (Used For) Investment Activities565237
Financing Activities
Issuance of debt—239
Reduction of debt(660)(6)
Change in book overdrafts(84)94
Repurchases of common stock and payments of restricted stock tax withholding(30)(62)
Dividends paid(245)(244)
Cash Provided By (Used For) Financing Activities(1,019)21
Cash Included in Assets Held for Sale—(2)
Effect of Exchange Rate Changes on Cash and Temporary Investments and Restricted Cash(11)18
Change in Cash and Temporary Investments and Restricted Cash146(14)
Cash and Temporary Investments and Restricted Cash
Beginning of period1,1611,170
End of period$1,307$1,156
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.